【英文】德勤报告：2019年全球时尚及奢侈品行业私募基金和投资者调研Fashion & Luxury Private Equity and Investors Survey 2019（39P）

英文研究报告 2019年08月05日 07:39 管理员

The Fashion & Luxury industry proved to be fertile soil for M&A activities with #265 deals registered in 2018, presenting a significant increase of #47 deals compared to the previous year. Personal Luxury Goods deals have increased (+11 deals versus 2017) with Cosmetics & Fragrances (17% of total) growing by #16 deals, while both Watches & Jewellery (11%) and Apparel & Accessories (28%) decreased by #1 and #4 deals respectively. The Hotels sector, which represents 28% of total, was the best segment in terms of deals growth with respect to the previous year, increasing by #29. M&A deals volumes in other sectors increased, with activity in Cruises (+3 deals), Restaurant & Pubs (+3) and Yachts (+1) growing compared to the previous year. The average deal value has shown flat at $233m in 2018, with just a $3m increase from 2017. M&A deals in Europe strongly increased (+41 deals), whilst North America and Asia-Pacific remained flat. Luxury Automotive deals were present only in China during 2018, driven by the very active electric car’s industry.

Within its Private Equity Survey, Deloitte focuses on understanding investors’ perceptions of the potential growth in the F&L market in coming years. The consensus view is that major players in Personal Luxury Goods (PLG) are projected to achieve 1.1 times their 2018 sales index by 2021 (~ +4% CAGR 2018-21), while other Luxury sectors are expected to achieve 1.2 times their value (~ +6% CAGR 2018-21). Within the next three years, investors forecast that the F&L industry will continue to grow by 5-10% annually. Digital Luxury Goods, Cosmetics & Fragrances and Furniture are projected to outperform strongly, growing by more than 10% per year. Apparel & Accessories, Hotels and Restaurants are consolidating (with expected annual growth of 5-10%). A decrease is expected in Cars and Private Jets, while Yachts, Jewellery and Selective Retailing are forecast to stay flat.

70% of funds are considering investing in an F&L asset in 2019, with notable interest rising in: Apparel & Accessories (where 79% intend to invest), Cosmetics & Fragrances (79%), Furniture (57%), Watches & Jewellery (36%), Selective Retailing (29%). Interest across categories is increasing compared to previous year, mostly noticeable at Selective Retailing and Cosmetics & Fragrances. Interest however in Digital Luxury Goods decreases, despite positive market growth expectations. Both current investors and newcomers are more attracted to consolidated sectors within the F&L industry (such as Apparel & Accessories and Cosmetics & Fragrances) where market knowledge is widespread. Newcomers seem more interested in experiential luxury. With respect to 2018, the continuous consolidation of the F&L industry is moving investments towards smallersized companies (+10 percentage points), where investors plan to boost performance by implementing internationalization, performance improvement and digital strategy design (which grew by 20 percentage points). Digital disruptions, such as Artificial Intelligence (AI), Robotics and Big Data & Analytics enable companies to keep pace with the virtual customers; given that, luxury companies are seeking for digital startup/companies to exploit synergies. Digital penetration will lead to physical disruption; the classical store will inevitably change from point of sales to point of touch.